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The report cited Turkey as an example
of the countries that have, over the
past few years, sought to bolster its
real estate market by enacting foreign
ownership laws that have proved to be
an effective catalyst for accelerating real
estate investments by drawing more
foreign capital into its markets.
Turkey’s laws and legislations that allow
foreigners to purchase property have
attracted capital, tourist and investment
flows to the country, reviving the real
estate market in a remarkable way.
Thanks to these laws, and other factors,
including a distinguished strategic
geographic location between Asia
and Europe and a resilient economy
ranked 17th among the world’s major
powers and 6th on the list of Europe’s
top economies, Turkey has proved to
be a very competitive market. Recent
real estate statistics showed that an
excess of 13,000 properties have been
owned by foreigners at the end of 2013;
19,000 by end of 2014; 20,500 by 2015.
Mazaya Monthly Real Estate Report -
Week 2 - December 2016
Dubai is another remarkable example
where the development of foreign
ownership laws has played a major role in
earning theDubai market a prestigious and
competitive position in the international
market. This is mainly due to the resilience
of these laws and their ability to cater to
all needs and meet all demands, which
has consequently reflected positively on
the economic performance of the emirate.
In the UAE market, the report noted that
enactment of laws encouraging foreign
ownership of property has boosted
economic growth rates and significantly
contributed to diversifying real estate
products and solidifying demand
rates in times of recession, ultimately
drawing more direct foreign investments
into
the
construction
industry.
Thus, this has resulted experienced
exceptionally impressive growth rates.
The report highlighted that recent
data and statistics estimate the total
value of foreign investments in the
Dubai realty market to exceed AED 60
billion. The businesses established
by foreign investors in Dubai are
valued at more than AED 57 billion
during the first half of 2016, with
the volume of property purchased
by foreigners estimated at AED 28
billion – indications that prove in no
uncertain terms that the impact foreign
ownership laws have on the investment
landscape in the country is positive.